ASX closes at fresh record high
The benchmark ASX 200 index eked out a small gain of 7.2 points or 0.08 per cent to finish the week at 8603 points.
The broader All Ordinaries also closed marginally higher up 8.3 points or 0.09 per cent to 8841.90.
Australia's dollar slipped 0.06 per cent and is now buying 65.73 US cents. The Australian market followed the US to a record high on Friday. Photo: Gaye Gerard / NewsWire Credit: News Corp Australia
On an overall positive end to the week, eight of the 11 sectors finished in the green, led by consumer discretionary shares which added 1.00 per cent during Friday's trading.
Wesfarmers shares finished up 0.81 per cent to $84.37 while Aristocrat Leisure finished up 1.44 per cent to $67.82 and JB Hi-Fi ended in the green up 0.64 per cent to $110.02.
WiseTech Global jumped 1.10 per cent to $112.10, Xero gained 0.86 per cent to $178.01 and Life360 leapt 1.94 per cent to $33.11.
It was a mixed day for the major banks.
While CBA dropped 0.94 per cent to $178 the other three all finished in the green.
NAB shares are up 0.62 per cent to $39.15, Westpac shares 0.45 per cent to $33.63 and ANZ rose 0.80 per cent to $30.32.
Australia's sharemarket followed a strong lead in from Wall Street thanks to stronger than expected economic data.
AMP chief economist and head of investment strategy Shane Oliver said markets mostly pushed higher over the last week, with US shares rising 1.7 per cent to a record high helped by hopes for trade deals, solid US jobs data and as Congress passed Trump's tax cut bill.
'The strong US lead along with expectations for another RBA rate cut in the week ahead also pushed the Australian share market to a new record high with around a 1 per cent gain for the week,' Dr Oliver said. Eight of the 11 sectors finished up for the week. Picture NCA Newswire/ Gaye Gerard. Credit: News Corp Australia
But the economist cautioned against further rises as markets factor in trade tariffs which are set to start next week.
'With the 9th July tariff deadline just a few days away the US is likely to announce more trade deals and Trump has indicated he will start sending letters to countries without deals notifying what their tariff rate will be, with a range of 'maybe 60 or 70 per cent ...to 10 and 20 per cent' commencing from 1 August, Dr Oliver said.
'So after a few months of relative calm, it could all be back on again.'
In company news G8 Education continues its slide having fallen every day since Tuesday after it came out a former employee has been charged with alleged child-related offences.
Shares dropped a further 3.5 per cent to $0.96 on Friday and is now down 19.33 per cent for the week.
On its second day of listing GemLife fell 5.8 per cent to $4.08. While it initially jumped on the opening bell, it is now below its listing price of $4.16.
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